OilVoice - Vicpet Announces Snatcher-3 to be Completed as Oil Producer

Vicpet Announces Snatcher-3 to be Completed as Oil Producer

Monday, November 09, 2009

Victoria Petroleum N.L. (Vicpet) as operator for the PEL 111 Joint Venture advises that over the weekend wire line logs were run followed by the running and setting of 7 inch casing to a depth of 1,851 metres. Snatcher-3 has been suspended for future production from the Snatcher Oil Field.

Wire line logs and side wall cores confirmed the presence of a 20 metre gross oil column over the interval 1,766.5 to 1786.5 metres with interpreted net oil pay of 10 metres.

Snatcher-3 was a successful test of the oil bearing potential of the Snatcher Prospect adjacent to the Santos Limited operated Charo Field in PPL 177. The PPL 177 licence is wholly contained within PEL 111.

The Snatcher Prospect is situated on the Western Margin Oil Trend, with Snatcher-3 a successful test of the concept that oil can be stratigraphically trapped within seismically interpreted discrete sand bodies in channel systems present within the Jurassic Birkhead Formation.

The oil sand in Snatcher-3 is 787 metres to the north west of the Snatcher-2 oil discovery which produced oil at a rate of 207 barrels of oil per day. The full extent of the Snatcher Oil Field will only be determined by additional drilling.

The participants in the drilling of Snatcher-3, Snatcher-2, and PEL 111 and their respective interests through their wholly owned subsidiaries are as follows;
Victoria Petroleum N.L. (Operator) 40%
Impress Energy Limited 40%
Permian Oil Pty Ltd. 20%

The drilling rig was released on Sunday 9 November 2009 and will now move to PEL 115 to drill the Fury-1 exploration well.